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Sands family proposes change in corporate control of Constellation Brands

Constellation Brands Victor HQ
Max Schulte
/
WXXI News
Constellation Brands Victor HQ

The family that controls Constellation Brands is proposing some changes that deal with corporate control of that locally based wine, beer and spirits company.

Recently, the Sands family said it wants to relinquish some of its voting power, reducing that number from the current 60% of the company they control to about 20%.

Rob Sands is Executive Chairman of Constellation Brands, and his brother Richard Sands is Executive Vice Chairman. Both are the sons of Marvin Sands, the founder of the company.

Under the recent proposal, the Sands family would continue to be Constellation's largest shareholder, but would relinquish voting control.

A letter from Rob Sands to the company noted that the simplified stock structure they are proposing “is widely supported by corporate governance experts,” and he said the family believes that move would make help Constellation continue in its growth.

The Sands family also said that this proposal is not being made in connection with any other corporate transaction.

Bloomberg and other media have reported that Constellation has had talks with energy-drinks make Monster Corp., although the company has told WXXI News and other media that it does not respond to rumors or speculation.

The letter from Rob Sands this month also said that if the Board or shareholders prefer the status quo, they would be fine with maintaining their controlling interest.

Constellation Brands is headquartered in Victor, Ontario County but plans to move its headquarters to downtown Rochester in the next couple of years.